Four years after their debut, actively managed strategies that only periodically reveal their holdings are enduring a slow demise.

Precise index projections have never served investors well.

Vance Howard’s HCM Tactical Growth Fund has beaten 96% of its peers over the last five years with an annualized gain of 20%. 

But the pace of declines is beginning to slow down as many passive funds are already charging only a few basis points.

Investors put $413 billion into U.S. ETFs in the first half of 2024, the highest six-month total since the second half of 2021, according to Morningstar. A Bloomberg analyst said July 18 is his “best guess” as to when spot Ethereum ETFs could be...